The group includes Macellum Advisors, Ancora Holdings and Legion Partners Asset Management said the company wasn't moving fast enough to streamline operations and turn itself around.
In an updated statement released Monday, Kohl's acknowledged that it has been in ongoing discussions with the investor group, though noted that this was the first time it had been made aware that the group was looking to make changes to its board.
Kohl's said it is "committed to maintaining constructive engagement with all shareholders regarding the company’s strategies and prospects," and that its board and management team "...remain open to new ideas that will improve our operating performance and capital allocation.
Recap TheStreet Live: Everything Jim Cramer Is Watching in the Markets Monday
Latest Videos From TheStreet and Jim Cramer: